India’s foreign exchange (forex) reserves increased by $1.05 billion to $630.607 billion for the week ended January 31, according to the Reserve Bank of India (RBI).

Reserves surged by $5.574 billion the previous week. India’s forex reserves reached a record high of $704.885 billion in September last year.

During the reporting week, foreign currency assets (FCAs), a major component of reserves, declined by $207 million to $537.684 billion.

Meanwhile, gold reserves rose by $1.242 billion to $70.893 billion, and Special Drawing Rights (SDRs) increased by $29 million to $17.889 billion, as per RBI data.